Check Exercise 5-3 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,400 of merchandise from Lyon Company with credit terms of 2/15, 1/60, invoice dated April 2, and 3 Paid $360 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $700. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $8,100 of merchandise from Frist Corp. with credit terms of 1/10, 1/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $500 allowance toward the $8,100 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet 1 2 3 5 6 7 Purchased $4,400 of merchandise from Lyon Company with credit terms of 2/15, 1/60, invoice dated April 2, and FOB shipping point. Note: Enter debits before credits Date General Journal Debit Credit View transaction list * Journal entry worksheet t 1 ces 2 3 4 5 6 7 Purchased $4,400 of merchandise from Lyon Company with credit terms of 2/15, n/60, Invoice dated April 2, and FOB shipping point. Note: Enter debits before credits. Date General Journal Debit Credit Apr 02 Record entry Clear entry View general journal View transaction list ok Journal entry worksheet ht 1 inces 2 3 4 5 6 7 Paid $360 cash for shipping charges on the April 2 purchase. Note: Enter debits before credits Date General Journal Debit Credit Apr 03 Record entry Clear entry View general journal Ints View transaction list eBook Journal entry worksheet Print References 2 3 4 5 6 7 Returned to Lyon Company unacceptable merchandise that had an invoice price of $700. Note: Enter debits before credits. Date General Journal Debit Credit Apr 04 Record entry Clear entry View general Journal lowance and the discount. View transaction list Journal entry worksheet 1 2 3 ces 4 5 6 7 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the retumed merchandise. Note: Enter debits before credits Date General Journal Debit Credit Apr 17 Record entry Clear entry View general Journal View transaction list ook Journal entry worksheet rint View transaction list Journal entry worksheet 1 2 3 4 5 6 ces Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount Note: Enter debits before credits. Date General Journal Debit Credit Apr 28 Record entry Clear entry View general journal
